US-based financial services firm Nationwide has launched a universal life solution, which can be customised based on clients’ requirements.

The new product, dubbed Nationwide No-Lapse Guarantee Universal Life (UL) II, is the first offering on the firm’s new life insurance administration platform.

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Universal life product

The product offers death benefit for beneficiaries, without the need to pay income tax, as well as flexible premiums schedule.

It also enables clients to recover their premium completely or partially if they do not require coverage.

At the same time, it offers optional riders to tailor the policy based on a client’s unique needs and an automated premium monitor to manage the policy.

The new proposition is said to be ideal for clients requiring flexible death benefit guarantee options and those seeking long-term care expenses.

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Nationwide Financial senior vice president of individual products and solutions Eric Henderson said: “Because the goal of this product is death benefit protection rather than accumulation, it’s more affordable than most other permanent products.

“It also offers flexible premiums and coverage lengths that allow you to adjust the policy as your needs change.”